Save on 2011 taxes – new tax guide

IRS.gov – Taxpayers might be able to benefit from more recovery tax changes and get ahead on their 2011 federal income tax return preparation by reviewing a newly updated comprehensive tax guide currently available at IRS.gov.

Publication 17, Your Federal Income Tax, contains details on how to benefit from various tax-saving opportunities, such as the American opportunity credit for parents and college students, and the child tax credit and expanded earned income tax credit for low- and moderate-income workers. This helpful 303-page guide contains over 5,000 links to help taxpayers find answers to their questions rapidly.

Publication 17 has been published yearly by the IRS since the 1940s and on the IRS web site since 1996. This publication offers basic tax-filing info, as well as income-reporting tips and how to report revenue. It also explains how to calculate capital gains and losses, and reviews topics such as claiming dependents, selecting the standard deduction versus itemizing deductions, and understanding IRAs to save for one’s retirement.

In addition to Publication 17, IRS.gov has many other useful resources for those engaging in year-end tax planning. Many 2011 forms are already posted, and revised versions of other forms, instructions and publications are being put up online frequently. Forms already online include Form 1040, short Forms 1040A and 1040EZ, Schedule A for itemizing deductions and the new Form 8949 for reporting sales of stocks, bonds and other capital assets.

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